on fri broadcast quality video for your media project a free media party dot com. live from our new center here moscow this is our top stories now russia and china have vetoed another western backed resolution at the u.n. security council which threatened syria with new sanctions and could have paved the way for military intervention russia's also canceled a vote on its own draft resolution which was aimed at extending the u.n. observer mission to syria says western countries refused to even consider the text of. the b.b.c.'s gagged by court order preventing it from airing a documentary about last summer's riots that engulfed england. and also reporting that the german parliament has decided to grant one hundred million euros

in rescue cash to spain's battered banks going to put a reputation on the line by trying to convince some m.p.'s to back the controversial bailout. i'll be back with another summary in fifteen minutes from now in the meantime we talked to economics professor wilhelm henkel who explains why he thinks the euro is driving europe into a financial abyss. here is skepticism is in fashion these days but are today's guest was against europe's common currency before it even came into being professor william hanka a prominent german economist is joining us now on r.t. thank you very much for your time sir you were among those who launched a legal action against the euro all those years ago you must feel vindicated now i think an economist like me is like a doctor a social

a doctor he feeds will sponsor for the society and so this is the reason for it like a good files are as one in his child. the child has to look to the traffic on the street and my job is to warm up to consequence of see you or not see governments are sinking so very very. complicated because your point is not a nation like united states and all the a nation can have a national currency but as long as you will be is not a nation and vince that will never be a nation it cannot have a common currency economic disparities notwithstanding do you think the euro was a good idea at least in the theoretical sense not currency behind the idea of to

your is the wrong idea namely said we can form united states of your or your. with a currency. if we want to hear if united states of you or if we need a political union we need to come and constitution we need to come in there for the end of stupid we need but we do not have in your op a common common people come and their most united states is a nation but you will be is not a nation your visit diversity of nations and a diversity of states and any state is responsible for the valve of its own citizens of its own people and therefore it cannot be bought together a common currency. and the sponsibility of the states for their own people you make a point that the stereotype program said damaging not only for europe's financial health but also for its democratic institutions could you elaborate on that look

democracy begins at all begins in russia begins in germany begins in italy and spain we have a national parliament and this is the highest servitude and if there's a common currency is taking. decisions in terms of money in terms of budget it's a violation of democracy. it was. your historical mission to bring democracy in the world and now and i am very certain about now. is destroying democracy now how big of a role das culture play in fiscal affairs was it an important factor in the euro being not asked successful as initially and visit my personal view from the very

beginning and is in order to have a common currency in interact economic terms you need an optimal currency area but europe is not an optimal currency. and since the introduction of the euro or behave no unified interest rates a unified foreign exchange rate among you will be in economies but. greek you are it's not equal to a job and your common interest rate for spain let's say and there's a lens or greek is. wrong because it's case of spins it was so it must be higher in case of there's a lens or germany must be law so it's a complete mismanagement even in my. financial terms what we have now in your mess western europe has long been held as an example of well functioning capitalist system but now we are talking about socializing huge debt how do you square free

market principles and bail out proposals this isn't very interesting point to the your idea the common market started as a very liberal or maybe a no neo liberal project of freedom freedom freedom free investments and free trade. and now says liberal project is becoming a very socialistic pol pot's like say former soviet union common currency means there is no competition between currencies. common debts means says no no responsibility for your own debts so this is not a liberal project so you were his changed see hole i joe d. of of opinion integration from a liberal concept into

a socialistic one which is quite interesting so in russia for instance listing faded away but in new hope it's coming under the auspices of so your crisis but i think we would have seen same destiny as a soviet union as socialistic concept cannot survive what kind of actions european leaders could take to prevent the sort of collapse if we were to go back for every nation for france for germany as against it it is spain to the old national currencies so what we would have two advantages first of all we could serve every nation could of its local car as the local means name we've developed nation of currency his own interest rate to visit on budget of the policies and secondly we could from the european unity not a piece of a common common currency but of. the union of.

currencies where before foreign exchange rate union before. we had an european monetary egremont. common. policy in terms of foreign exchange rates but not internally in. terms of interest rates and i think we have to come back to the time before nine hundred ninety nine where we had foreign exchange rate unions instead of money unions you just mentioned there are charity national currencies and the latest poll i've seen shows that the number of germans who are in favor of reintroducing the door to mark is steadily on the increase the majority of germans are also strongly against the idea of euro bonds but german authorities keep pushing the your agenda and bailout proposals who do you think should have the final say on those

issues the people or the power it's article call it. what is the learning capacity of governments i fear not as early as students learn at school but long long monetary story shows as a one lesson is no substitute for own currencies or listed foreign exchange rates if you have own currencies and realistically change rates then you have a very odd political pressure for to any government to make serious policy so the fear of developing nation brings the government back to the high pass of serious policy and those think this is a lesson we have to learn. i was a long time more than forty years professor of economics so i started if i calculated quietly seventy seventy is ball monetary union and past

now we are confronted with seventy one so it's the old piece there's new actors but this is allusion of the seventy's before was. come back to own currency makes the right value of his currencies are right into us when it's zero at foreign exchange rate and you exported thanks and this will be solution in the beginning of the twentieth century germany had some of the highest inflation rates in many historians agree that it was one of the factors that brought hitler into power if you are indeed collapse s. what kind of social and political implications it could have for europe and the rest of the world love r.c. . consequences of a social crisis so we had to avoid any a social crisis in order to to or to to fight against a company because of

a dictator like hitler or us us now the countries and south of your makes the same experience so they had to avoid a social crisis and the real problem we see you all is to your wall is changing from a monetary crisis into a social crisis and in order to avoid it's a social crisis was always has political implications we had to stop so you we had to come to a national regime in the market to terms in economic terms. in monetary terms and then we can make combined and united you all as association of independent nations and i fight for says you because this would be open for us non. you nations like switzerland or even like asha

in such a open. you'll be in society of his own currency of his own democracy is all in the nation's. new false veldt economy namely a sawed off alliance of nation the european alliance of nations so this is my hope for the future thank you very much for your time. for.

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top stories this hour on r.t. russia and china a vote vetoed i should say another western backed resolution at the u.n. security council which threatened syria with new sanctions and could have paved the way for military intervention russia's also canceled a vote on its own draft resolution which was aimed at extending the u.n. observer mission to syria moscow says western countries refused to even consider the text. israeli prime minister benjamin netanyahu extends his blame is to include lebanon saying both iran and hezbollah are behind the bus blast in bulgaria that left eight people dead the accusations come as netanyahu faces tough opposition at home for ignoring domestic issues. also reporting that the german parliament has decided to grant a hundred billion euros in rescue cash to spain's battered banks angela merkel has

put her reputation on the line by trying to convince some m.p.'s to back the controversial bailout. i'll be back with a news team with more on those stories and plenty of other stories for you too in fifteen minutes from now in the meantime unions next with some sport action. good to have you with us this is sports today plenty head over the next ten minutes and losing all the. top of the charts adam scott secures the day one leader at the british open the third major of the golfing year. on his way to a rapid rise to fame germy linley's the new york knicks and signed for houston in dealing with twenty five million dollars. medal hopes we continue our buildup to the top of the approaching olympic games by taking

a look at the team rushes up legs. but we begin with golf where the third oldest major of the season the british open has now wrapped up its opening day and lancashire and it's on the street and leading the way currently scotties never won a major them on the counter after carving a six sixty four hold on his heels lower zach johnson scott paul laurie the purge just a shot behind on five under par while bubba watson this season's masters champion stormed up the leaderboard lead on to take a share of fourth spot some two shots. to football where russia's sports minister doesn't seem to be to move the moon concerning the country's first choice candidate for national team manager but telling would go saying juice in the reno rather than front runner fabio capello would have been the ideal appointment mco telling the country see it hold up the portuguese is the best manager in the world and it's unfortunate that the forty nine year old is staying at real madrid the official did

you ever praise capello's experience saying that the sixty six year old has told the tools to make significant progress with russia forward russia top money guus hiddink also giving his note of approval to the italian russia were good with words for very good. very experienced coach and i think around him there will be very experienced the russian goat you should give a lot of information to him. but if you look at these c.v. then it's one of the most successful coach is ever in the world of the world in the last decades. mohamed bin hammam has been putting up his reputation in the world of football the former fee for a presidential candidate seeing his lifetime football overturned by winning on appeal in a vote buying case the sixty three rule run against eventually reelected sept blotter last year when he was accused of trying to illegally bolster his campaign

the qatari native was promptly banned for life from taking part in any football related activity on a national international level but a mom's initial appeal was rejected by both the court of arbitration for sport eventually overturn the ban officials in switzerland stressing that they lack sufficient evidence to uphold the ruling. staying with football liverpool have laid out there are terms for parting with striker undie carle thirty one point four million dollars the asking price for the twenty three year old the club though spent almost fifty five million to acquire him from you council last year liverpool paying the third highest fee by club to acquire the england international new ledger brendan rodgers against a loan scenario but said he'll consider any quote worthwhile offer and quote carl has struggled on field and only reached his top form towards the end of the season as liverpool finished eighth in the premier league a new boss and telling terry looking for a fresh start for the club's worst league result in some eighteen years. moving to

ice hockey were last year's kontinental hockey league. have treated one finnish coach for another this offseason the hawks parting ways are most imminent placing him with composite petrie in the forty five year old taking over a powerhouse. which laws just to postseason contests on route to the garden cup finals last year and the hawks though coming up just short in the ensuing nail biting seven game finals series so little be plenty of pressure on the former finn the national team assistant coach to go one better this time around the team headed into their first pre-season training camp next week. and basketball n.b.a. started germy lin is expected to be unveiled as the houston rockets player a little later on thursday for the new york knicks feel too much a three year twenty five million dollar offer for the point guard lynn passing a medical in houston ahead of completing the switch the twenty three year old shot to fame last season despite making only twenty five starts for the next after

making his debut in december lin some of the swept across america of his native taiwan the new york franchise were keen to keep hold of their star mum but ultimately feel too much the rockets offer. to boxing where former w.b. like to welterweight champion amir khan says he's confident he can rediscover his best form after suffering his second straight defeat at the weekend the twenty five rule losing a unification world title fight to danny garcia but as a quick return to the ring possibly as early as december but the future could be without his renowned trainer freddie roach but only i mean at the moment at the moment i'm trying. to lock it down my team and we know exactly what's going up and . like that things can change. when we sit down with a team and begin to pull a few names to me and we're going to make it through the. next week or two.

meanwhile calm has been honored by the u.s. olympic boxing squad the team have been using his gloves community gym in bolton to train ahead of the games which begin next week team usa showing their gratitude by hunting over to the twenty five year old one of their pick. for the lump exposure medalist enough and in two thousand and four. to form a one where seven time former world champion michael schumacher is seeking to win his home german grand prix this weekend the forty three year old has yet to reach the checkered flag ahead of the field since coming out of retirement two years ago although he secured a place on the podium at the recent european grand prix for c.b.s. meanwhile are looking for their first win on home soil since one manuel fangio one afternoon bring ring in one nine hundred fifty four is he on the team are getting closer to the victory. does hope soon but it's what drives me on and would of course has given me great pleasure as we have already shown this

year we're capable and i hope we'll be able to win a race hopefully in hockenheim it will be a great challenge was to stand on the podium was one of the burst is no two on realistic it will be a great result for us. finally with the olympics just over a week away now let's continue our look at those russians best place to bring home some silverware up lyrics as long provided a stream of success for both the u.s. are russia they came so just how is the current crop shaping up michael kravchenko attempts to answer that question. with forty seven sets of medals on offer from athletics disciplines at the london olympics it's no wonder russia is counting on the athletics team for success they'll be heading to london with one hundred nine strong team three more than in beijing four years ago and they'll be accompanied by forty nine coaches and staff chances today explain to you the teeth of chances and approximately six to go for. this especially in the wins so to

remembrance rising star because it will also be heading to london after some truly surprising results. and despite being modest to remain is as excited as anyone heading to their first olympics minister buttoned up course i'm thinking about it i'm also still very young and my opponents will all be so mature and experienced but i'll be trying my best but i think many eyes will be on the four by one hundred meter and four by four hundred meter relay races russia managed to win gold and silver respectively in these two events back in two thousand and eight and despite the added pressure some are still just happy to be a part of the person at the it's a celebration for any athlete to be a part of history a part of the olympics and to return from it with a medal well that's probably what not just any athlete would wish for but any person but well see. the clerics present was however keen to point out that there

were other events russia would have a good chance in very strong words like for before college made his race we have stronger and stronger winds and. chemistry and destroying you can good chances in jumping events especially high jump hopes rely mainly on recently crowned russian high jump champion even a good deal of she didn't want to jinx itself prior to the games but a sparkle was in our eyes i'm not saying anything is a secret secret but you are expecting a breakthrough. games. well i'm really really hoping for one yes so the mood within team rushes athletics team is upbeat and with a shiny new kit to perform and will be sure to dazzle the crowds at the biggest sporting event in the world microphone go r.t. . and that is all your sport for

whether it's next year in twenty four hour r.t. . wealthy british style. has moved on to the title. market why not come to. find out what's really happening to the global economy with max cause or for

a no holds barred look at the global financial headlines tune in to kaiser report on our. resistance is not a politics but a culture. it's couldn't test. on its own. cultures of resistance on marching. russia would be soo much brighter if you knew about someone from funds to impressions. who for instance on t.v.

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